IRVINE, CA– President Bush has nominated Congressman Christopher Cox to head the Securities and Exchange Commission (SEC); the New York Times (NYT) has pegged Cox “a devoted student of Ayn Rand, the high priestess of unfettered capitalism.”
“We certainly hope the NYT is correct in its assessment of Mr. Cox,” said Dr. Yaron Brook, executive director of the Ayn Rand Institute. “Because if it is, Mr. Cox would work to abolish the SEC, which is what any devoted student of Ayn Rand would do with such an opportunity.”
Unfortunately, there are reasons to believe that this will not be Mr. Cox’s intention at the SEC.
“For example,” Brook noted, “in his short speech to accept his nomination, Cox stated that ‘The rule of law that the SEC enforces has given America the most dynamic and vibrant capital markets in the world.’ But Ayn Rand held that the SEC has been the major obstacle to the dynamism and vibrancy of America’s capital markets. The rule of law–of proper, objective law–is exactly what the arbitrary powers of the SEC make impossible. Witness for instance the Sarbanes-Oxley Act–Congressman Cox voted for it–which punishes innocent businessmen for the (alleged) crimes of others. Any self-respecting student of Ayn Rand–and any lover of justice–would work to remove such power from the government’s hands.”
